Rupee Close:
Indian rupee ended higher by 18 paise at 77.54 per dollar against Thursday’s close of 77.72.
S Ranganathan, Head of Research at LKP securities:
As equity investors brace for higher volatility on the back of the flip-flop in benchmark indices, the fact that markets are never priced to ground realities, the art of capitalising on the disconnect between earnings and stock prices creates pockets of opportunities.
The day witnessed keen investor interest in auto, pharma, metal and defence stocks as indices vaulted 3% with all sectoral indices ending firmly in the green.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:
After witnessing sharp decline over the past two weeks, the equity markets ended this week on a positive note. However, following global cues, the India equity markets witnessed large volatility. Benchmark indices like Sensex 30 and Nifty 50 saw gains between 2-3%. Overall market breadth was positive with gains witnessed across mid-cap, small-cap and most sectoral key indices.
Metal sector rebounded sharply post steep correction in recent weeks. BSE IT index was down in an otherwise positive market this week.
FII’s continued with their selling in India. Markets remained wary of global growth-inflation expectations. With result-season coming towards the last leg, the focus will be more on the macro data points. Monetary policy tightening action by Central Banks globally amid high inflation will continue to weigh on market sentiments.
Market Close: Indian benchmark indices erased previous day losses and ended higher with Nifty above 16,200.
At close, the Sensex was up 1,534.16 points or 2.91% at 54,326.39, and the Nifty was up 456.80 points or 2.89% at 16,266.20. About 2468 shares have advanced, 801 shares declined, and 111 shares are unchanged.
Dr Reddy’s Laboratories, Reliance Industries, JSW Steel, Nestle India and Tata Motors were among the top Nifty gainers, while losers included Shree Cements and UPL.
All the sectoral indices ended in the green with metal, pharma, capital goods, PSU bank and realty indices up 3-4 percent each.
The BSE midcap and smallcap indices rose 2 percent each.
Amazon, Walmart’s Flipkart in talks to buy stake in Metropolis Healthcare
The company is in early discussions with several global strategic investors and other potential purchasers of the shares
Morgan Stanley View on Dr Reddy’s Laboratories
The brokerage Morgan Stanley has maintained an overweight rating on Dr Reddy’s Laboratories with a target of Rs 5,202.
The company continues to deliver granular growth across its businesses and continues to invest in complex generics, biosimilars and NCEs, said Morgan Stanley.
The firm targets double-digit growth in India and emerging markets, CNBC-TV18 reported.
JK Tyre and Industries Q4 Earnings
JK Tyre and Industries has posted 78.7 percent fall in Q4 consolidated net profit at Rs 40.2 crore versus Rs 189.1 crore and revenue was up 13.1% at Rs 3,312 crore versus Rs 2,927.3 crore, YoY
JK Tyre and Industries was quoting at Rs 120.65, down Rs 3.65, or 2.94 percent.
eMudhra IPO UPDATE:
ETHOS IPO UPDATE:
BSE Bankex index rose 3 percent led by the AU Small Finance Bank, Axis Bank, IndusInd Bank
Nomura View On Container CorporationResearch firm Nomura has kept buy rating on Container Corporation of India with a target at Rs 863 per share.The Q4 results were missed the estimates on higher employee & other costs. The domestic profitability significantly below our estimates, said Nomura.LLF for FY22 at Rs 465 crore is largely in-line with management’s guidance, while awaits commentary over long-term land leasing, reported CNBC-TV18.
Nifty PSU Bank index added 3 percent supported by the Canara Bank, Indian Bank, Bank of India
